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SECURED TRANSACTIONS FALL 2008 FINAL EXAM General Instructions : This is a three (3) hour exam. You may hand-write or type your answers per the Law School’s standard policy. It is “open book/open note.” You may use any written material to help you answer the questions. Please note that the answers to most if not all questions derive from particular UCC Article 9 sections. Therefore, to obtain credit for a correct answer, you must cite the section(s) that support(s) your answer. Please do not give me “string citations” of sections hoping to hit the right one by accident. And, please don’t just answer “yes” or “no.” I’m looking for the “why” and, in fact, at least some questions might be answered with “It depends. ...” The exam consists of ten (10) “short answer” questions based on hypothetical (and hopefully not too absurd) situations. By “short answer,” I mean that you should be able to answer each of the questions with around ten or less carefully worded sentences, with citations. Each of the questions is worth ten (10) points (and I’ll award partial credit). Some questions are intended to be harder than others–be sure to get all of the low hanging fruit! If you have to make any assumptions regarding any facts not present in the hypotheticals, please be explicit about what you are assuming. (e.g. “The facts do not indicate whether . .... Assuming that. ...., then. ....”) Please use proper grammar and legible writing/typing. I can’t award credit if I can’t read and/or understand what you are saying. And, keep it simple–iambic pentameter is not necessary. 1
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SECURED TRANSACTIONS FINAL EXAM (Fall 2008) 1. Mr. Grinch (G) approaches the Cat in the Hat (C) about acquiring Thing 1 and Thing 2 for use in “certain holiday projects.” (Thing 1 and Thing 2 are marvelously efficient robots created by the Japanese.) G proposes and C agrees as follows: G gets the Things for a period of ten years, during which time G pays C $100 annually. At the end of the ten years, G either returns the Things to C or pays C $10 and keeps the Things. The understanding is written in pink ink on a wall of C’s house. A couple of years later, G gets in financial trouble and his creditors start collection actions. What rights does C have in the collateral versus G’s other creditors? - What do we have, a true lease or a security agreement (talk about both) - Assuming it is a security arrangement, what do you talk about next? o Whether it was attached? Did this agreement, written in pink ink on the wall of a house – was that sufficient to create/attach security interest? o Value, rights in the collateral o Power to transfer those rights o Possession à here, it is an authenticated security agreement - What rights does C have. ..? o
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